The Fielding Star. TUESDAY, DECEMBER 22, 1891. Colonial Finances

Feilding Star, Volume XIII, Issue 75, 22 December 1891, Page 2

The Fielding Star. TUESDAY, DECEMBER 22, 1891. Colonial Finances

The capitalists in England are turning the tables on the colonies, and much to the astonishment and disgust, no doubt, of the alleged Liberals who have imagined in their folly that their proposed or suggested " raids on capital" would be tamely submitted to.' In connection with the demands for new- loans' we are, now informed that English "^bankers are staggered at the combined colonies asking for over eight million pounds worth of Treasury Bills, which are regarded as virtually new loans. They express themselves as unable to understand why 4 per cent should not tempt local investors to take up a portion of the amount." We are not at all surprised seeing that the local banks, and Government Post Office Saving Banks are giving more for short dated fixed deposits. " A suggestion has been made that bondholders should hold a meeting to denounce excessive borrowing being revived, and to object to the continued expenditure of borrowed money on public works." This really means that the bondholders propose to take the management of the finances of the colonies into their own hands. "The Economist considers that the issue of Treasury Bills placed the colonies much more under the domination of bankers, and it is certain to create , many new dfficulties. It believes that it would be better to submit to the price necessary to float a permanent loan, as, if the bills are taken up, it is possible that London will be. flooded with twelve millions of floating debt within a year. " Here <we have two powers •in the field, independent of each other, who have virtually declared that the colonies are unfit to manage their own affairs. It is also implied that their career of extravagance in public works can only end in bankruptcy. Of course we know that this is neither more than the outcome of the alarm excited in the minds of bondholders by the extraordinary ethics of the alleged " liberal parties " who are holding with loose and nerveless fingers the reins of Govern ment in such of the colonies as were affected by the labor difficulties, created by interested and unscrupulous agitators, and which put men into Parliament who had mistaken their vocation. The fact is that in England these "public works" are now strongly suspected to be works for "the unemployed," to secure the expenditure of public money either in favored localties, or where a member has to be bought or conciliated.

A. >E¥ days ago the question of supplying Peilding with artesian water was mooted by a correspondent, We all remember that two or three years ago proposals were made to liaye the point tested by experiment. [ From a variety of causes to which we need not again refer, nothing practical was done, and the subject was dropped. Since, however, it has been again taken up in our columns .several residents who are desirous of helping the advancement of the Borough, have promised, to support the Borough Council in whatever that body may do, or attempt to do, to have the town provided with ati abuudant supply of good water. They are not pledged, we may say, to auy particular scheme but will support, naturally enough, that which would be the cheapest and > most beneficial.